The Board of Directors of Union Bank of India approved the accounts of the Bank for the Quarter ended September 30, 2023.
Key Highlights in Q2FY24
Strong Financial Performance:
Net Profit of the Bank increased by 90.00% on YoY basis during Q2FY24. Net interest income of Bank grew by 9.89% on YoY basis during Q2FY24.
Bank continues to demonstrate a strong Liability franchise:
The CASA deposits have increased by 4.45% YoY. Bank now have a total deposits base of Rs.11,37,628 Crores as on September 30, 2023.
Business Growth gaining momentum:
Total Business of the Bank increased by 9.24% YoY, wherein Gross Advances increased by 9.50% YoY & Total Deposit grew by 9.04% YoY. Bank have a total Business of Rs.19,84,842 Crores as on September 30, 2023.
Credit in Retail, Agri and MSME (RAM) segments:
RAM Segment of the bank increased by 14.62% YoY, where 14.68% growth in Retail, 15.04% growth in Agriculture and 14.03% growth in MSME advances is achieved on YoY basis. RAM advances as a per cent of Domestic Advances stood at 56.92%.
Reduction in NPA:
Gross NPA (%) reduced by 207 bps on YoY basis to 6.38% and Net NPA (%) reduced by 134 bps on YoY basis to 1.30% as on 30.09.2023.
Strong capital ratios:
CRAR improved from 14.50% as on 30.09.2022 to 16.69% as on 30.09.2023. CET1 ratio improved to 13.05% as on 30.09.2023 from 10.67% as on 30.09.2022.
Bank’s Return on Assets & Return on Equity improved to 1.07% and 17.97% respectively during Q2FY24.